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NOTES PAYABLE
3 Months Ended
Jun. 30, 2013
Debt Disclosure [Abstract]  
NOTES PAYABLE

NOTE 8. NOTES PAYABLE

 

    September 30, 
2012
  June 30, 2013
                 
Bio Technology Partners Business Trust     44,500       44,500  
Venture Bridge Advisors     72,000       82,000  
David Koos (Note 7)     520       192,312  
Sherman Family Trust     700,000       35,000  
Notes payable   $ 817,020     $ 353,812  

 

Both of Bio-Technology Partners Business Trust and Venture Bridge Advisors have provided lines of credit to the Company in the amount of $700,000 each or so much thereof as may be disbursed to, or for the benefit of the Company by Lender in Lender's sole and absolute discretion. The unpaid principal of these lines of credit bear simple interest at the rate of ten percent per annum. Interest is calculated based on the principal balance as may be adjusted from time to time to reflect additional advances or payments made hereunder. Principal balance and accrued interest shall become due and payable in whole or in part at the demand of the Lender.

 

All loans to the Company made by David R. Koos are due and payable at the demand of Koos and bear simple interest at a rate of 15% per annum.

 

$35,000 due to Sherman Family Trust consists of all rights to and interest in salaries accrued and unpaid due to David Koos. $35,000 due to Sherman Family Trust bears no interest and is payable in whole or in part at the demand of the Holder.